THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Overseas remittances to HCM City up 37% in first half
VGP - The remittance flow to Ho Chi Minh City hit US$4.33 billion during the January-June period, up 37 percent against the same period last year and equal to 65.5 percent of the figure recorded in 2022.
This is a positive signal for the southern economic hub despite global economic slowdown and high unemployment rate.
Last year, remittances to the city reached more than US$6.6 billion, accounting for half the country's total figure.
A Report on Migration and Development produced by the World Bank (WB) and the Organization for International Cooperation on Migrants (KNOMAD) showed that the flow of remittances to Viet Nam is still quite stable compared to previous years.
In 2022, total remittances to Viet Nam rose by about US$1 billion to approximate US$19 billion, making the country one of the three biggest recipients in Asia-Pacific and among the top 10 globally in terms of remittances.
Among remittance sources, the U.S. houses the largest number of Vietnamese immigrants, followed by the UK, Australia, and Canada. Meanwhile, Japan, South Korea, and Taiwan have the most number of workers from Viet Nam.
According to experts, the increasing amount of remittances to Viet Nam not only helps banks increase profits from service activities, but also attracts foreign currency sources for Viet Nam, helping the banking industry increase foreign exchange reserves./.